Capital Research Global Investors Cuts Stock Position in First Citizens BancShares, Inc. $FCNCA

Capital Research Global Investors lessened its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 112,144 shares of the bank’s stock after selling 7,529 shares during the period. Capital Research Global Investors’ holdings in First Citizens BancShares were worth $240,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hiddenite Capital Partners LP purchased a new position in First Citizens BancShares in the fourth quarter valued at about $6,868,000. Citigroup Inc. grew its stake in First Citizens BancShares by 23.4% in the third quarter. Citigroup Inc. now owns 16,938 shares of the bank’s stock valued at $30,305,000 after purchasing an additional 3,215 shares during the last quarter. Check Capital Management Inc. CA grew its stake in shares of First Citizens BancShares by 21.0% during the fourth quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock worth $91,831,000 after acquiring an additional 7,424 shares during the last quarter. Founders Financial Alliance LLC grew its stake in shares of First Citizens BancShares by 484.7% during the third quarter. Founders Financial Alliance LLC now owns 1,532 shares of the bank’s stock worth $2,742,000 after acquiring an additional 1,270 shares during the last quarter. Finally, Barr E S & Co. grew its stake in shares of First Citizens BancShares by 33.2% during the fourth quarter. Barr E S & Co. now owns 5,995 shares of the bank’s stock worth $12,866,000 after acquiring an additional 1,495 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FCNCA shares. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research note on Friday, April 24th. TD Cowen dropped their price target on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Keefe, Bruyette & Woods dropped their price target on First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a research note on Thursday, April 9th. Piper Sandler set a $2,050.00 price target on First Citizens BancShares in a research note on Friday, April 24th. Finally, Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, First Citizens BancShares presently has a consensus rating of “Hold” and an average price target of $2,215.91.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $2,075.10 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The company has a market capitalization of $24.04 billion, a price-to-earnings ratio of 11.93, a price-to-earnings-growth ratio of 1.58 and a beta of 0.62. The stock has a 50-day moving average price of $1,965.38 and a 200 day moving average price of $1,999.85.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the previous year, the company posted $37.79 earnings per share. Sell-side analysts anticipate that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be issued a dividend of $2.10 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares’s payout ratio is 4.83%.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was bought at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the acquisition, the chief executive officer owned 38,111 shares of the company’s stock, valued at $65,810,837.02. The trade was a 18.46% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders purchased 6,187 shares of company stock valued at $10,640,161 over the last three months. Insiders own 14.63% of the company’s stock.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.